Good morning. This week with a vote in the House of Representatives, Congress
took a positive step towards passage of my jobs and growth proposal. The plan
I submitted would create more than a million jobs by the end of next year through
immediate tax relief for American families and businesses.
Since I sent my plan to Congress in January, the need for action the economy
has become even more urgent. The unemployment rate last month reached 6 percent
as many employers continue to hold back on the kinds of investments that lead
to new jobs. The bill that passed the House of Representatives this week includes
all the elements of my plan: cuts in income tax rates, this year; reduction
of the marriage penalty; an increase in the child credit from $600 to $1,000;
an increase in the expensing provision for small business investment in new
equipment; and action to reduce the double-taxation of dividend income.
These reforms would bring immediate help throughout our economy. They would
leave more money in the hands of families who need it to make purchases and
to pay the bills. And this tax relief would give employers greater incentives
and resources to invest in new equipment. The result will be more jobs, and
that is our goal.
We are also making progress on passing tax relief in the Senate. The Senate
Finance Committee has approved legislation that includes important aspects
of my proposal. I urge the Senate to complete its work next week so the House
and Senate can work out their different versions and get a tax relief bill
to my desk as soon as possible. This week's progress demonstrates that both
houses of Congress and both political parties agree that tax relief will help
this economy. Now the discussion is about how much tax relief the American
people need and deserve. We need at least $550 billion in tax relief over the
next decade, big enough to make a real difference in the paychecks of American
workers, big enough to help entrepreneurs create more jobs, and big enough
to give our economy the boost it needs.
This past week, I met a small business owner named Luke Brindley. Luke and
his family started their Virginia business less than two years ago with five
employees. And now they're up to 25. Here's what Luke says, any break we get
encourages us to hire more people and buy more equipment.
Next week, I will travel to New Mexico, Nebraska and Indiana to address the
nation's hardworking, small business owners, families and investors. My message
to them will be simple: the surest way to grow this economy and create jobs
is to leave more money in the hands of the people who earn it.
I urge every citizen to participate in this important debate and to make your
voice heard. Explain to your local representative or your senators what tax
relief would mean to your family and your business, and please tell the members
of Congress why our economy needs that relief now.